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NST032013

Abatement rules and regulations The Presidents Council of Cooperatives and Condominiums consists of 62 presidents and 100,000 residents. After months of working with all of our elected officials, the New York State Legislature has recently passed a bill that amends the Cooperative/ Condominium Abatement. The abatement gives eligible co-op and condo owners a reduction in their property taxes. For the tax year 2012- 2013, we continue to apply the abatement as it had been before it was amended. HOWEVER, IT IS EXTREMELY IMPORTANT TO NOTE THE FOLLOWING CHANGES FOR ALL OWNERS WHO ARE NOT PRIMARY RESIDENTS OF NORTH SHORE TOWERS. To be eligible for this abatement, the unit must be your primary residence. If the unit is not your primary residence, your abatement will be phased out and completely removed by the tax year 2014- 2015, which starts July 1, 2014. from the towers A Message from the President: Non-residents will receive 50 percent of the abatement in 2012- 2013 and 25 percent in 2013-2014. Starting in 2014-2015, non-New York State residents will no longer receive any rebate. Fortunately, most of us at North Shore Towers will receive a 17.5 percent rebate that is approximately $0.46/per share each year. Some co-ops with lower assessed valuation than we have received even higher rebates than we will – up to $0.73/per share. This new rebate law will, for the first time, prevent nonprimary residents of North Shore Towers from receiving the huge rebate we all received every June when paying our maintenance. We can only assume that the State Legislators felt that since people reside elsewhere, that they benefit from that on their taxes and don’t deserve the North Shore Towers rebate. Unfortunately, it is not something the Board of Directors can change. In the past we were able to build up our reserve funds by making a small assessment at the Bob Ricken time we all received the rebate. We will only be able to continue that process in the next two years. After that, when we attempt to build the reserve funds by having the small assessment, the non-New York residents will have to pay the assessment in cash, while New York State residents will be able to use part of their rebate as we’ve all done in the past. This new law unfortunately creates two different classes of citizens residing in co-ops and condos. All primary residents of North Sore Towers will continue to receive the rebate, star and veteran benefits for the next three years. For many of us who are veterans, that means paying as little as a few hundred dollars in maintenance once each year. The good news is that for the tax year 2011-2012, North Shore Towers received abatement of $2,737.036. However, the total amount for 2012-2013 will be reduced substantially by the 50 percent reduction for non-resident shareholders. We won’t know that lower total until the new detail of award reports are issued later this year. Obviously, the Presidents Council and your Board of Directors will contact our local legislators and urge them to help us to change the legislation since our co-op will be getting less of a rebate starting this June. We must continue to be vigilant since this present law is only for the next three years. The best way to end the fact that single family homes are taxed less than coop owners is to have a new law that simply reduces co-op taxes. SEND US YOUR LETTERS! North Shore Towers Courier 38-15 Bell Boulevard, Bayside, NY 11361 Victoria Schneps-Yunis Joshua A. Schneps Tonia N. Cimino Jennifer Decio Maggie Hayes Stephen Reina, Nirmal Singh, Ron Torina, Cheryl Gallagher Fax: 718-224-5442 Email: nstcourier@aol.com Publisher & E ditor Associate Publisher Editor-in-chief Art Director Contributing Editor Artists 8 North Shore Towers Courier n March 2013 North Shore Towers Courier, 38-15 Bell Blvd., Bayside, NY 11361 • Tel: 718-224-5863 •  Sales Fax: 718-631-3498 • Editorial Fax: 718-224-5441 • e-mail: mhayes@queenscourier.com All letters sent to NORTH SHORE TOWERS COURIER should be brief and are subject to condensing. Writers should include a full address and home and office telephone numbers, where available, as well as affiliation, indicating special interest. Anonymous letters are not printed. Name withheld on request. ALL LETTERS TO THE EDITOR AND OP-ED’S DO NOT REFLECT THE OPINION OF THE PUBLISHER. No such ad or any part thereof may be reproduced without prior permission of NORTH SHORE TOWERS COURIER. The publishers will not be responsible for any error in advertising beyond the cost of the space occupied by the error. Errors must be reported to NORTH SHORE TOWERS COURIER within five days of publication. Ad position cannot be guaranteed unless paid prior to publication. NORTH SHORE TOWERS COURIER assumes no liability for the content or reply to any ads. The advertiser assumes all liability for the content of and all replies. The advertiser agrees to hold NORTH SHORE TOWERS COURIER and its employees harmless from all cost, expenses, liabilities, and damages resulting from or caused by the publication or recording placed by the advertiser or any reply to any such advertisement.


NST032013
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